You must have used online banking in one form or another in the past few years and used several digital tools for UPI transactions, net banking, and other options. These tools enable us to make and receive payments, recharge phones, DTH, pay utility bills, and do much more.
Here we will review some new and emerging tools, trends, and ideas set to transform the face of banking in the near future. You might think you have been there, done that, and there is little else that could truly surprise you, but these tools might well force you to sit up and rethink.
GoBank is an innovative banking platform that replaces traditional banking practices with a whole new banking experience. Like most other digital banking tools, you can easily make payments and transfer money, but you can also deposit cheques without the need to physically visiting your bank branch.
You can simply scan and deposit your cheques, access more than 40,000 ATMs, and get an online checkbook to pay rent, bills, and do more without wasting any time. Another interesting feature accommodated in this platform is that when you make a deposit or payment, the recipient is notified through social media channels.
The Danske Mobilbank App allows users to pay bills by simply taking a snap of the bill with details like account number and amount to be paid clearly visible and click ‘Pay.’ This next-gen app does away with the need to fill in all the details and makes it an instant affair to pay your bills with a simple snap and click.
This App is available for Android users and even most Apple devices and can also be used by people who do not have an account with Danske Bank but with minimal features.
St. Louis-based Vantage Credit Union has come up with a unique Twitter banking solution nicknamed ‘MyVantage.’ The user can carry out all kind of banking activities with this tool, from checking their account balance to clearing checks right from their phone.
OneConnect Financial technology launched a couple of smart lending platforms last year. One of them is SeekCap that will offer loans to small and medium-sized businesses in the Philippines. Another is a multi-finance platform that would offer loans for young people and old based on their needs. The aim is to offer loans and financing facilities to people with little or no access to banking in the region.
These kinds of initiatives combine economic sense and the cause of social responsibility. This is achieved by making banking and finance accessible to those with little means and helping them gain financial awareness, and empower them to take charge of their financial future.
LevelUp App is unique because it lets users gain store credits by making purchases at the same store or outlet and earn discounts. The only requirement is that users should scan their smartphones at specialized payment kiosks that support LevelUp App.
These users can easily find with the help of their website and locate stores where they can earn tangible benefits by using the payment app.
Yes, you heard it right! Instead of asking you to pay a sign-up fee, Electric Orange checking account offered by ING pays $50 to members to try it out. It shows their intent to serve their customers to their best ability, confidence in their business model, and the obvious incentives afforded to the consumer. What more could one ask for?
This mobile-only banking service is aimed at children aged 8 and above, where kids and parents can log in separately and manage their resources. Parents can give kids a sense of financial freedom without handing over their credit cards instead of letting them use Osper card for in-store purchases or online shopping.
They can also make ATM withdrawals at pre-set limits, and the best part is that every single financial activity is tracked by the app and puts parents in total control of things. The service is prepaid, so only the allocated sums can be spent, and nothing more, but it fills kids with a rare sense of empowerment that can go along way to inculcate financial awareness in kids from a young age.
It has been demonstrated in several studies that lack of financial education is the primary reason for adults acting irresponsibly with money. A grown-up with little or no money sense could easily end up with poor credit scores and, in times of crisis, could be looking for loans without a guarantor in the UK or payday loans to make through somehow. On the other hand, initiatives like Osper App help reduce kids’ chances of turning into grown-ups with no vision for their financial future.
Digital banking has clearly taken off like few other things and is set to take you places financially. Dive in and use these tools and technologies to your advantage and carve a secure financial future for you and your family.